Topic: Getting funds into mtGox quickly - newbie question (Read 1016 times)

how is it that people arent innovating around this? should be easier and cheaper to get money into MtGox. seems in some ways that MtGox is an overly complicated, joke of an exchange. when trading opens back up, i have a feeling that people are gonna "run on the bank"...too volatile, and not acting as a currency. let the 'correction' commence

when that happens, bitcoin value will be much higher

ya i need some bitcoins aswell and mtgox takes long time to get them :/

From what I see.. no fast loading of money for europeans. Mostly bank transfer and wait 2-3 days
Americans can easily drop cash somewhere and have it online in less than a hour.
Being in USA now with a bank in London I have the worse of both worlds... it is bloody expensive to move GBP to USD quick

I've used bitinstant a few times and each time I had the money or coin when I returned home.  Make sure you have input the correct account #, or btc address.  If you have money in Okpay or Dwolla you could send money to an exchange faster.  You could also buy bitcoins in person with localbitcoins.

Go to bitinstant.com

Enter your mtgox and personal info.

go to moneygram, enter order. Hand cash to cashier. Wait while she pushes buttons. Hands you a receipt. 4%fee. and within 1-8hrs you have cash in your mtgox account.

Only problem that I would have being a US "broker" type would be the trust factor. That's why you can't buy with PayPal.

Here's a worst case scenerio for ME.

You send me say $100 USD via PayPayl.
I go purchase a Moneygram on your behalf and send to your BitCoin Address
You receive the BitCoin.
You turn around and dispute the PayPal money you sent to me.
I have no way to prove to PayPal that you received your goods.

Sorry, but I don't trust random names on the internet.

However, I don't understand why you all can't just use MoneyGram there. Doesn't make any sense to me? Isn't MoneyGram world wide?

Maybe someone else could jump in here with this.

What if...

Someone from the UK wants to buy BitCoin.
Someone in the US (let's say me) goes to BitInstant.com and fills out a purchase order, however, use the BITCOIN/MTGOX/etc information for the UK user on the invoice.
Then I PM or Email the Moneygram account information to the person in the UK and they send directly through MoneyGram there?

Does that make sense? Why wouldn't that work? Is Moneygram setup different in the UK than it is in the US?

EDIT: Maybe not. The option on the UK Moneygram site for US receiving says "Pickup At Agent". Is that different than how we are doing in the US? I am guessing that in the US ZipZap isn't "picking up at agent"?

You could get SLL through VirWox, buy some BTC, and transfer those to MTGOX, and then hope that you sell your BTC at the current market to buy at whatever price you want.

As far as I know, the FASTEST way to transfer money to mtgox is through bitinstant
(they use the moneygram service at local stores like walmart, cvs, albertsons, etc)

it's quick, easy, etc you sign up and create an account at mtgox. Then you set up your transfer online at bitinstant. Then you head over to your local store of choice (they give you a list) and fill out a form with a few lines wih the account numbers for the service, and give them cash. A few minutes later, you leave, and check your email. You can choose to have them email you bitcoins to you or send it straight to mtgox - i think sending it straight to mtgox is safer bc then you can choose when to buy and at what rate.

in the end, it takes about an hour - to fill out the info online, get cash, go to the store to transfer, and get your confirmation email.

thanks dbc...

so frustrating waiting for my funds to hit...

And how would you receive European money? It is waiting 2-3 days again, unless you are doing this in advance or accepting credit cards / paypal...

Man, I should set up a US Broker Branch for you all. LOL.
All it takes for me is to fill out a MoneyGram order through BitInstant and walk back to our corner store, send it and then just wait for the funds to hit.
Granted, you're getting hit with a fairly hefty 3.99% fee, however, you're money hits within 30-60 minutes vs 3 days. I added another $200 this morning to MTGOX right before they locked it. So the money is just sitting there waiting for trading to come back.

I wish I had an answer to that... I'm trying all day to find a way to load money in less than a couple days

If you made the transfer to the Japanese Mt.Gox bank account (at Mizuho Bank Ltd. in Shibuya) then it can be slower in most of the situations. They state 2 to 5 days on the site.
To order a SEPA transfer, you must use the Poland bank account credentials of Mt.Gox. To do so, just choose the option "Euro Bank Transfer (Europe)" when adding funds in your account. The bank and account credentials are on the bottom of that same page. For some banks the BIC [WBKPPLPP] may show "invalid" or something similar. Just add three 'X' before it [XXXWBKPPLPP].

Hope that helps =)

I wish I had an answer to that... I'm trying all day to find a way to load money in less than a couple days

Is a SEPA transfer the same thing as going into a bank and wiring the money across? I sent fom Lloyds TSB in UK direct to the Japanese mt.gox account.... or I have done something slower than that?

SEPA transfers take anywhere between 24 and 72 hours. If you are from the EU that is the fastest I can think of.

Also, all 3 of mine (from different banks) took less than 48h.

when you say cash, how do i do this? I went into bank and wired direct from current account.

Could I not open up an OKPAY account, pay into that immediately and then transfer???

Nope. Should have done cash. Just gonna have to wait.

Hi,

I set up an mt.gox account 2 days ago and immediatly wired £1,400 across. I really want to get some money in my mtgox wallet fast, than wait another 3 days. Is there a quicker way to do this?

Mike.